SAO Meeting 2 Tórshavn 19-20 October 2010. Update on PSI – Arctic Council's Project Support Instrument.

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Since the April Update to SAO (See Annex 1), the Russian Federation Ministry of Natural Resources and Environment (MNRE) has informed that its contingent contribution had been approved with respect to the concerned RF Ministries and the domestic legislation and included in the 2010 Federal Budget. The Ministry of Foreign Affairs, during summer 2010, has submitted the PSI documents to the Prime Minister for a decree to enable Russia’s participation in the PSI. In parallel, the MNRE has informed that it has shortlisted three potential organizations that could act as the Russian Executing Agency (REA) once the Prime Minister’s Decree is in place. The three organizations currently shortlisted are: • NPAF (National Pollution Abatement Facility) • Polar Fund • Ecobezopasnost (Ecosafety) Summary Upon signing of the Contributor’s Agreement with Russia and deposit of the RF contribution, NEFCO will proceed with making PSI operational, including its contribution of EURO 450 000, and call for convening the first PSI Committee meeting, tentatively during the 4th Quarter of 2010. End NEFCO SAO PSI Update 2010.09.16